MONOPOLY: The Other Side

Should U.S. firms be permitted to join
international cartels in order to expand foreign trade? The Justice
Department's Antitrust Division has invariably answered this prime
postwar question with a definite "no." Last week a top U.S.
businessman answered with a qualified "yes." Up before a
Senate subcommittee stepped grey, urbane Ralph W. Gallagher, 63,
president of Standard Oil of New Jersey. He had asked to be heard on
the bill sponsored by Wyoming's Senator Joseph O'Mahoney, requiring
registration of international cartel agreements. Said President
Gallagher: Standard Oil agrees "in principle" with the bill. Standard
Oil also believes in "free competition."...